The investment seeks long-term capital appreciation with less volatility than broad U.S. equity markets.
The fund invests in a diversified portfolio of other equity investment companies using a â??fund upgradingâ? strategy. In connection with its hedging strategy, it can invest in options and futures contracts and may engage in short sales. The fund typically invests in small-, mid- and large-cap equity mutual funds as well as international funds, which means the fundâ??s portfolio will be exposed to U.S. and foreign equity market risks. It may hedge up to 100% of the value of the equity securities in its portfolio.